of the year, as you said, there's spending cuts that affect more than 1,000 government programs. >> mandated. >> absolutely. that could go into effect. tax cuts set to expire, including the bush tax cuts and the payroll tax cut. combined, all of these things could wipe about 5% growth off the economy, throw us into recession and the tax increases from 90% of americans. >> that sounds like the doomsday scenario. i mentioned there's been a stalemate so far, but the pressure is going to month on both sides to get something done. what's the likelihood we end up falling off this fiscal cliff? >> it's teetering right now. we've got eight senators, democrats and republicans, meeting behind closed doors in mt. vernon trying to come to some sort of a compromise, but there are other people who suggest that if we're allowed to go over the cliff, their negotiating power from both sides gains strength. >> let's break this down to the average person and the average family, all right. describe for me what happens to people at various income levels if all of these things actually fall into place. >> so, we'